- Issuer
- T. Rowe Price
- Inception Date
- May 4, 2017
- Category
- Mortgage Backed Securities
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
PRXAX Performance Chart
T. Rowe Price GNMA Fund Class I (PRXAX) is up 0.9% since the beginning of the year. PRXAX is currently trading at $8 per share. Investors who bought $1,000 worth of PRXAX shares 5 years ago would now be looking at an investment worth $1,012.
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Returns By Period
T. Rowe Price GNMA Fund Class I (PRXAX) has returned 0.90% so far this year and 6.63% over the past 12 months.
T. Rowe Price GNMA Fund Class I
- 1D
- -0.12%
- 1M
- 0.09%
- YTD
- 0.90%
- 6M
- 1.24%
- 1Y
- 6.63%
- 3Y*
- 4.16%
- 5Y*
- 0.23%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.13%
- 1M
- 5.25%
- YTD
- 11.16%
- 6M
- 11.43%
- 1Y
- 28.20%
- 3Y*
- 21.12%
- 5Y*
- 12.66%
- 10Y*
- 13.75%
PRXAX Monthly Returns History
Based on dividend-adjusted daily data since May 4, 2017, PRXAX's average daily return is +0.01%, while the average monthly return is +0.11%. At this rate, an investment would double in approximately 52.5 years.
Historically, 55% of months were positive and 45% were negative. The best month was Nov 2023 with a return of +4.8%, while the worst month was Sep 2022 at -5.3%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 9 months.
On a daily basis, PRXAX closed higher 37% of trading days. The best single day was Nov 10, 2022 with a return of +3.0%, while the worst single day was Sep 26, 2022 at -2.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.57% | 1.54% | -1.48% | 0.08% | 0.33% | -0.12% | 0.90% | ||||||
| 2025 | 0.59% | 2.33% | -0.07% | 0.20% | -0.99% | 1.83% | -0.41% | 1.60% | 0.94% | 0.72% | 0.54% | 0.21% | 7.72% |
| 2024 | -0.45% | -1.43% | 0.93% | -2.69% | 1.88% | 0.94% | 2.47% | 1.56% | 1.02% | -2.70% | 1.21% | -1.41% | 1.15% |
| 2023 | 3.12% | -2.17% | 1.90% | 0.37% | -0.81% | -0.57% | 0.01% | -0.71% | -2.98% | -2.08% | 4.83% | 4.12% | 4.79% |
| 2022 | -1.23% | -0.76% | -2.88% | -2.86% | 1.19% | -1.87% | 2.62% | -2.71% | -5.26% | -1.30% | 4.22% | -0.85% | -11.41% |
| 2021 | 0.00% | -0.47% | -0.36% | 0.17% | -0.53% | -0.08% | 0.17% | -0.06% | -0.13% | -0.33% | -0.24% | -0.24% | -2.07% |
Benchmark Metrics
T. Rowe Price GNMA Fund Class I has an annualized alpha of 0.86%, beta of 0.03, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since May 05, 2017.
- This fund participated in 19.35% of S&P 500 Index downside but only 10.66% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.03 may look defensive, but with R2 of 0.01 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.01 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 0.86%
- Beta
- 0.03
- R²
- 0.01
- Upside Capture
- 10.66%
- Downside Capture
- 19.35%
Expense Ratio
PRXAX has an expense ratio of 0.41%, placing it in the medium range.
Return for Risk
Risk / Return Rank
PRXAX ranks 31 for risk / return — below 31% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for T. Rowe Price GNMA Fund Class I (PRXAX) and compare them to S&P 500 Index.
| PRXAX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.50 | 2.39 | -0.89 |
Sortino ratioReturn per unit of downside risk | 2.28 | 3.25 | -0.97 |
Omega ratioGain probability vs. loss probability | 1.28 | 1.43 | -0.15 |
Calmar ratioReturn relative to maximum drawdown | 2.20 | 3.11 | -0.91 |
Martin ratioReturn relative to average drawdown | 7.50 | 14.38 | -6.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
T. Rowe Price GNMA Fund Class I provided a 3.94% dividend yield over the last twelve months, with an annual payout of $0.32 per share. The fund has been increasing its distributions for 4 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.32 | $0.32 | $0.30 | $0.23 | $0.13 | $0.06 | $0.15 | $0.23 | $0.26 | $0.20 |
Dividend yield | 3.94% | 3.92% | 3.78% | 2.77% | 1.56% | 0.70% | 1.56% | 2.48% | 2.89% | 2.13% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price GNMA Fund Class I. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.13 | ||||||
| 2025 | $0.03 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.03 | $0.32 |
| 2024 | $0.02 | $0.02 | $0.02 | $0.02 | $0.03 | $0.02 | $0.03 | $0.03 | $0.02 | $0.03 | $0.03 | $0.03 | $0.30 |
| 2023 | $0.02 | $0.02 | $0.02 | $0.00 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.02 | $0.02 | $0.23 |
| 2022 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.00 | $0.02 | $0.00 | $0.02 | $0.02 | $0.02 | $0.13 |
| 2021 | $0.00 | $0.01 | $0.01 | $0.01 | $0.00 | $0.00 | $0.01 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.06 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price GNMA Fund Class I. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the T. Rowe Price GNMA Fund Class I was 18.04%, occurring on Oct 20, 2022. Recovery took 830 trading sessions.
The current T. Rowe Price GNMA Fund Class I drawdown is 1.19%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -18.04%Oct 2022 | 1y 8mo | 3y 3mo | 5y 11dFeb 2021 - Feb 2026 |
2026 pullback2026 | -2.97%May 2026 | 2mo 18d | — | 3mo 3dMar 2026 - now |
COVID crash2020 | -2.45%Mar 2020 | 9d | 5d | 14dMar 2020 - Mar 2020 |
2018 pullback2018 | -2.23%May 2018 | 8mo 7d | 7mo 19d | 1y 3moSep 2017 - Dec 2018 |
2017 pullback2017 | -0.81%Jul 2017 | 1mo | 1mo 25d | 2mo 25dJun 2017 - Aug 2017 |
Drawdown Indicators
| PRXAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.04% | -56.78% | +38.74% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -9.10% | +6.13% |
Max Drawdown (3Y)Largest decline over 3 years | -7.10% | -18.90% | +11.80% |
Max Drawdown (5Y)Largest decline over 5 years | -17.14% | -25.43% | +8.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.19% | 0.00% | -1.19% |
Average DrawdownAverage peak-to-trough decline | -4.34% | -10.72% | +6.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 1.97% | -1.10% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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